JOHANNESBURG (Reuters) – South African budget fashion and homeware retailer Mr Price reported a 4.6% rise in first quarter retail sales on Monday as the eventual onset of cold weather in June drove pent-up demand for winter clothes and shoes.
Mr Price, which also sells sports clothing and equipment, said retail sales in the 13 weeks ended June. 29 rose to 8.5 billion rand ($465 million) compared to the previous comparable quarter. Comparable store sales only inched up by 0.1%.
Citing data from the Retailers’ Liaison Committee (RLC), Mr Price said that it recorded retail sales growth ahead of the market, gaining 90 basis points of market share. The total comparable market’s retail sales declined by 0.2%, it added.
“The group has gained market share for 11 consecutive months and on a 12-month rolling basis has gained just over 1.1 billion rand in market share,” Mr Price said.
June was the star performer after subdued trade in April and May, the first two months of its 2025 financial year, as Easter Good Friday and school holidays fell in March instead of April, impacting sales performance for the month.
Significantly higher average temperatures in April and May, also resulted in delayed consumer spending on winter merchandise, with consumers starting to spend in June as the cold weather finally set, Mr Price said.
The group added that South African national elections on May 29 saw consumers withhold spend in anticipation of the results. However, sales performance improved across the sector in June, after the favourable outcome of a Government of National Unity.
Supply chain volatility remains an imminent risk, but Mr Price said it is well prepared for possible disruption and has planned to ensure that stock arrives in time for “the important festive trading period”.
($1 = 18.2887 rand)
(Reporting by Sfundo Parakozov; Editing by Nqobile Dludla and Alexander Smith)
